Doing Business in Singapore
Singapore Market Spotlight:
As a result of a decade-long effort to diversify exports and expand its trade-partner base, Singapore has joined the ranks of the world's leading logistics hubs and financial services centers.1 The diversification strategy has reduced the negative impact of global economic volatility on its economy, while creating opportunities for sustained, stable growth for mid-sized businesses that can leverage Singapore's dynamic trade-related advantages. Its fastest-growing export sectors through 2020 are expected to include machinery and transport, driven by a 75% increase in Information and Communication Technology exports.2
Singapore also has invested significantly in its oil and gas refining and transmission infrastructure to position itself as a regional energy market and trading hub.3
Singapore has the world's most productive workforce,4 and its global connectivity creates virtually unlimited opportunities for growth. Located along key East-West shipping routes, Singapore is within a seven-hour flight of markets comprising three billion people and serves as a gateway to South-East and Greater Asia. Ranked No. 1 in the world for ease of doing business, Singapore's pro-business regulatory environment provides:
- Stable, prudent fiscal policies, no sovereign debt and it is the only Asian country to be AAA-rated
- Low uniform tax rate and tax exemptions for newly established locally incorporated companies
- Strong intellectual property protection, enforced by the government through the Intellectual Property Office of Singapore
- Tax rebates for regional headquarters and treasury operations, as well as R&D and international trading activities, including re-invoicing centers
Domestic and foreign mid-sized businesses involved in Singapore's export-driven economy require commercial banking solutions simplify the complexities of global trade and doing business across borders. Citi Commercial Bank Singapore offers those solutions - and much more. CCB clients gain competitive advantage through a unique global reach and local expertise that provides them with access to Relationship Managers with on-the-ground commercial banking expertise, located in Singapore's fastest-growing trade partner countries, including China, Malaysia, Hong Kong, the US, India, Thailand, Korea.5
1 Estimating the Value-Added from Singapore's Exports to Key Markets. Singapore Ministry of Trade and Industry. 2010
2 Beyond Asia: New Patterns of Trade. Ernst and Young. 2012
3 Singapore Set to Take a Role as Asia's LNG Trading Hub. Singapore LNG Corp. CEO Neil McGregor on Platts Energy Week. 2013
5 Beyond Asia: New Patterns of Trade. Ernst and Young. 2012
About Citi Commercial Bank Singapore
Citi became the first American bank to establish a branch in Singapore when it opened its first location in 1902. Since its inception in 2000, Citi Commercial Bank Singapore has earned a reputation as a Thought Partner and business enabler by helping both domestic and foreign companies establish either a presence in overseas markets or in Singapore. Its superior client service and quality solutions are reflected in industry awards and accolades that include:
Best Foreign Commercial Bank in Singapore (2000 – 2014 FinanceAsia)
No. 1 Global Cash Management Bank in Asia-Pacific (2014, Asiamoney)
Best Foreign Bank in Singapore (2014, Alpha Southeast Asia)
Hsiu Yi Lin
CCB Singapore Country Business Head
Ms. Lin, who joined Citi in New York in Financial Control in 1987, was appointed to her present position in April 2013.
During her career, she held positions at Citi Malaysia as Risk Manager, Senior Relationship Manager and Group Head of the Local Corporate Group. In 1997, she spent a year in New York on a Fast Track assignment with Citi's Global Securitization team. Upon completion of that assignment, she returned to Malaysia as the Head of the Corporate Finance Strategy & Analysis team. Ms. Lin assumed the role of Malaysia's Global Transaction Services Head in January 2000 and joined CCB Singapore in April 2013.
Ms. Lin holds a BA in Computer Science and Physics from Wellesley College and an MBA from the Harvard Business School.
"Citi Commercial Bank Singapore is in the nexus of Asia. Citi's global reach, along with Singapore's business-friendly climate and status as a financial center, positions us to partner with businesses as they expand locally, into the region and beyond."
- Hsiu Yi Lin